6500/6880 will act as major resistance in MCX Crude oil July futures

U.S. crude oil futures fell towards $105 a barrel in early Asian trade on Friday on the back of profit taking and weaker-than-expected U.S. economic data. We expect Crude oil prices to remain in a range to higher for the week over ongoing tensions in Iraq and increasing supplies from Libya.

For the coming week 65/6100 will act as major supports levels whereas 6500/6880 will act as major resistance in MCX Crude oil July futures. For the next week, trader can use buy on lower level strategy, if MCX Crude July future sustain above 6480 levels then it could test the levels 6650/6780.